Selling an investment property tenanted
Selling a tenanted property brings with it all kinds of obstacles, some foreseen and others can be slightly challenging.
If your preference is to have the property vacant, you have flexible access for inspections and you don't need to consider the tidyness of the property. On the downside, you are not receiving rental income during the marketing and sales campaign.
By allowing tenants to remain in the home, you improve the opportunity for another investor to purchase as they can see that a lease is in place and weigh up if it is a viable investment option for them.
Ultimately, there are benefits to either method – It's important to decide which option works best for you.
The first step in the process is to advise your property manager that you have decided to sell the property. The next step is to find a suitable real estate agent to manage the sale.
It makes sense to chat with your current property manager and ask to talk to the relevant sales personnel to discuss the best path forward.
Your property manager knows your property better than anyone else and can advise on:
• the relationship with the current tenants;
• the state of the property; and
• any repairs needed.
During this process, it is important to remember that the tenant will often feel as if their right to privacy and quiet enjoyment of the dwelling has been invaded. This can be minimised if they are dealing with the managing agency and not forced into making viewing arrangements with a group of potential strangers.
The tenant must allow you reasonable access to show prospective home buyers through the property. Please check with our office as certain days and times do have restrictions.
Our agency has already built up the relationship with the tenant and we know how important your property is to you and to them. We have your trust and the trust of the tenant.
Our sales team are experts in these delicate situations and can prevent problems that often arise. They would be happy to arrange an appraisal for you if you are considering placing your property on the market.